The Dow Jones industrial average (INDU) fell 3 points, or less than 0.1%, to 12,807. The Dow had been up as much as 60 points earlier in the day.

The S&P 500 (SPX) fell 2.4 points, or 0.2%, to 1,361; and the Nasdaq Composite (COMP) lost 9 points, or 0.3%, to 2,864.

"Once the bin Laden news settles and earnings season slows down, we'll be due for a pullback," said Fred Dickson, chief market strategist with D.A. Davidson & Co. "Bin Laden's death doesn't eliminate the risk factors and it doesn't settle the political uprising issues in the Mideast."

Monday's losses ends what was a five-day long positive streak for the S&P 500 and Dow.

Stocks have headed higher since the beginning of the year amid strong earnings. Despite jitters about the economy and concerns about inflation, April was the best month for the three indexes since December.

Corporate earnings have largely come in above expectations, but last week's weak GDP reading and higher-than-forecast jobless claims show there's still cause for concern about the U.S. economic recovery.

U.S. investors will get the April jobs report, a closely watched gauge of U.S. economic activity, this upcoming Friday.

"Oil can be a globally emotional, reactive market, and any time that geopolitical risk is reduced there is less fear in the oil markets," said Derek Hoffman, chief executive and founder of Wall St. Cheat Sheet. "The news that there was a successful effort to find, capture and kill the number one terrorist in the world is a positive sign."

Separately, DISH reported earnings per share of $1.22 for the quarter ended in March, easily topping forecasts. Also, DISH said it gained approximately 58,000 net subscribers during the quarter. Shares of DISH jumped 19%.

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